Gold price today: MCX Gold rate rises on weak US dollar, rate cut expectations; what should be your strategy for bullion

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₹61,964 per 10 grams. Also Read: Gold lags Nifty 50 in last 6 months; what's the future outlook for bullion? Here's what experts say While geopolitical tensions continue to provide some support to precious metals, incoming macro numbers and rate-cut talks may keep them volatile. According to Reuters, the US flash PMI report on Wednesday, fourth-quarter advance GDP estimates due on Thursday and personal consumption expenditures data on Friday, before the Fed's next meeting on January 30-31, will be on investors' radar.

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and geopolitical tensions in West Asia. Also Read: Bitcoin falls to $40,000, at seven-week low amid Bitcoin ETF launch Jain underscored gold and silver have key support levels at $2,000 and $22 per troy ounce respectively in international markets. Both precious metals may see further downside if these support levels are breached.

"Gold has support at $2,008-2,000, while resistance at $2,034-2,045 per troy ounce and silver has support at $22.05-21.88, while resistance is at $22.55-22.80 per troy ounce in today’s session," said Jain. "On the MCX, gold has support at ₹61,700-61,550 and resistance at ₹62,040-62,220 while silver has support at ₹70,350-69,800 and resistance at ₹71,250-71,700," Jain said. He suggests buying gold on dips around ₹61,650 with a stop loss of ₹61,440 for the target of ₹62,100.